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Twin Lakes Real Estate Market Facts

$183,900Median home price30% lower than Colorado

$834Median rent asked21% lower than Colorado

61.1%Home owners5% lower than Colorado

3.0People per home20% higher than Colorado

Above, you will see a summary of real estate in Twin Lakes, CO. On average, homes in Twin Lakes, CO cost $183,900, a value that is 30% lower than the average in Colorado. In general terms, this results in Twin Lakes, CO real estate being more affordable than Colorado real estate. On average, people who rent houses in Twin Lakes, CO pay $834; this value is 21% lower than the average amount renters pay in Colorado. 61.1% of Twin Lakes, CO residents own their own homes and, on average, each of the homes has 3.0 occupants. Twin Lakes, CO real estate features a range of homes, which include everthing from large houses to small condos to stacked townhomes. Accessing real estate listings and homes that are up for sale in Twin Lakes, CO is easy because in our search area shown above, we categorize real estate and homes based on location, price, and the number of bedrooms and bathrooms.

Twin Lakes Home Affordability

$183,900Median home price30% lower than Colorado

$45,032Median home income28% lower than Colorado

4.1xHome price to income ratio4% lower than Colorado

It’s advisable to look at home affordability when trying to find the ideal place to find real estate in Twin Lakes, CO. To estimate home affordability, one method is to use the ratio of home price to median household income. The Twin Lakes, CO’s median home price stands at $183,900 while $45,032 is the value of the average household income. The resulting home price to income ratio, which is 4.1x, differs from the Colorado average as the ratio is 4% lower than the state’s average. The average home price divided by the median home income results in the home affordability ratio. Considering the comparison between the home price and home income, homes in Twin Lakes, CO are considered less expensive if the ratio of home price to income is lower. Besides the home price to median household income ratio, other considerable factors do apply in determining home affordability. Using the home affordability calculator displayed below can help determine the exact price that suits any budget when searching for real estate in Twin Lakes, CO.

Twin Lakes Affordability Calculator

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Are you looking for real estate in Twin Lakes, CO? Be careful not to purchase a home outside of your budget. A home affordability calculator lets you input your income, down payment, and debts to figure out how much you can afford to spend on your new home. If you know further information, such as mortgage term and rate or insurance, taxes, and HOA dues, you can input that as well to get a better estimate of the total cost. The calculator will show you the maximum amount you can afford to spend on a home. With that number in mind, you can start looking for a home in Twin Lakes, CO and avoid homes that don’t fit in your budget to guard yourself from an emotional, yet costly, decision. Thanks to the home affordability calculator, you can also create a stronger budget plan. Once you know your housing costs, you can figure out how much money you should spend and how much money you can save.

Twin Lakes Mortgage Calculator

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What will I pay monthly if I buy real estate in Twin Lakes, CO? Determining the monthly payment amount of a home is based on a number of different factors. Obviously, the most significant variable is the overall price of the house, but there are also other considerations to make such as homeowners insurance, the interest rate, amount of the down payment, property taxes, private mortgage insurance (PMI), and even home owner's association dues. A great way to eliminate the PMI is by paying 20% of the cost of the house as a down payment. The mortgage calculator is filled out with default values for these variables, but they can be reset to give you a more accurate payment amount. The best rule when it comes to house payments is that you want to keep your debt to income ratio at no more than 36%. This means paying no more than 36% of your monthly income on your housse and all other debt payments.